N.Y. General City Model 772/66 § 4-d: ) Credit relating to the annual increase in certain payments to a landlord by a taxpayer relocating industrial and commercial employment ...

§ (4-d) Credit relating to the annual increase in certain payments to

a landlord by a taxpayer relocating industrial and commercial employment

opportunities. (1) In addition to any other credit allowed by this

section, a taxpayer shall be allowed a credit against the tax imposed by

this part to be credited or refunded, without interest, in the manner

hereinafter provided in this section.

(A) Where a taxpayer shall have relocated to the city from a location

outside the state, and by such relocation shall have created a minimum

of one hundred industrial or commercial employment opportunities; and

where such taxpayer shall have entered into a written lease for the

relocation premises, the terms of which lease provide for increased

additional payments to the landlord which are based solely and directly

upon any increase or addition in real estate taxes imposed on the leased

premises, the taxpayer upon approval and certification by the industrial

and commercial incentive board as hereinafter provided shall be entitled

to a credit against the tax imposed by this section. The amount of such

credit shall be: An amount equal to the annual increased payments

actually made by the taxpayer to the landlord which are solely and

directly attributable to an increase or addition to the real estate tax

imposed upon the leased premises. Such credit shall be allowed only to

the extent that the taxpayer has not otherwise claimed said amount as a

deduction against the tax imposed by this section.

The industrial and commercial incentive board in approving and

certifying to the qualifications of the taxpayer to receive the tax

credit provided for herein shall first determine that the applicant has

met the requirements of this section, and further, that the granting of

the tax credit to the applicant is in the "public interest." In

determining that the granting of the tax credit is in the public

interest, the board shall make affirmative findings that: the granting

of the tax credit to the applicant will not effect an undue hardship on

similar taxpayers already located within the city; the existence of this

tax incentive has been instrumental in bringing about the relocation of

the applicant to the city; and the granting of the tax credit will

foster the economic recovery and economic development of the city.

The tax credit, if approved and certified by the industrial and

commercial incentive board, must be utilized annually by the taxpayer

for the length of the term of the lease or for a period not to exceed

ten years from the date of relocation, whichever period is shorter.

(B) Definitions: When used in this section, "Employment opportunity"

means the creation of a full time position of gainful employment for an

industrial or commercial employee and the actual hiring of such employee

for the said position.

"Industrial employee" means one engaged in the manufacture or

assembling of tangible goods or the processing of raw materials.

"Commercial employee" means one engaged in the buying, selling or

otherwise providing of goods or services other than on a retail basis.

"Retail" means the selling or otherwise disposing or furnishing of

tangible goods or services directly to the utlimate user or consumer.

"Full time position" means the hiring of an industrial or commercial

employee in a position of gainful employment where the number of hours

worked by such employee is not less than thirty hours during any given

work week.

"Industrial and commercial incentive board" means the board created

pursuant to section four hundred eighty-nine-nn of the real property tax

law.

(2) The credit allowed under this section for any taxable year shall

be deemed to be an overpayment of tax by the taxpayer to be credited or

refunded in accordance with the provisions of section seventy-seven of

this title.

(3) Where the taxpayer receives a refund or credit of any tax imposed

under section eleven hundred seven of the tax law for which the taxpayer

had claimed a credit under the provisions of this section in a prior

taxable year, the amount of such tax refund or credit shall be added to

the tax imposed by section three of this part, and such amount shall be

subtracted in computing entire net income for the taxable year.